Business Resources for COVID-19
Kilmarnock Economic Development is working with all relevant local, state, and federal partners during this period of COVID-19 to support our businesses and ensure long-term economic vitality. During this time, we will be working hard to support your business. This situation is fluid and there will be updates. Please contact staff with any questions and/or concerns: Chad Thomas, Economic Development & Tourism firstname.lastname@example.org (804) 435-1552 x 26
- Paycheck Protection Program (PPP): The U.S. Small Business Administration (SBA) will guarantee loans with terms of up to 10 years and interest rates of up to 4% to businesses with fewer than 500 employees. Businesses can qualify for loans of up to $10 million, and the loans will be provided by lenders including banks and credit unions. Eligible businesses can get loan deferment for six months to a year, and the loan may be forgiven if the businesses maintains its payroll for eight weeks at employees’ normal salary levels. Learn More >>
- Economic Injury Disaster Loans (EIDL): SBA is providing working capital loans of up to $2 million to small businesses and nonprofits affected by the coronavirus. Loans carry an interest rate of 3.75% for small businesses and 2.75% for nonprofits. Loan repayment terms vary by applicant, up to a maximum of 30 years.
- Emergency grant of $10,000 to SBA Economic Injury Disaster Loan applicants: If your business is denied a loan, applicants can still access this grant, which can be used to provide employee sick leave, maintain payroll or meet other needs like paying rent.
The U.S. Small Business Administration (SBA) coronavirus resource page provides a list of relief programs, and it offers guidance to small business owners during this crisis.
Facebook Small Business Grants Program
Find Remote Jobs During The Pandemic
Deferment of State Sales
Businesses impacted by COVID-19 can also request to defer the payment of state sales tax due tomorrow, March 20, 2020, for 30 days. When granted, businesses will be able to file no later than April 20, 2020 with a waiver of any penalties.
The Governor has requested that the Department of Taxation to extend the due date of payment of Virginia individual and corporate income taxes. While filing deadlines remain the same, the due date for individual and corporate income tax will now be June 1, 2020. Please note that interest will still accrue, so taxpayers who are able to pay by the original deadlines should do so.
Workers may be eligible to receive unemployment benefits if an employer needs to temporarily slow or cease operations due to COVID-19.
The Commissioner of the Virginia Employment Commission has been directed to waive the one-week waiting period so workers will not have to wait to receive unemployment benefits.
Includes a pay-as-you go rate and no minimum charges.
Additional Federal Resources
FEMA will offer recovery services to businesses and their employees once this outbreak has ended.
Per the USDA, there is NO problem with the food supply. There’s no need to stockpile off fear when there is no danger to the food supply.
For more information, visit www.CoronaVirus.gov.
The Centers for Disease Control issued guidance for businesses and employees.
The U.S. Department of Labor guidelines for how companies can prepare their workplace for COVID-19. In addition, the Occupational Safety and Health Administration (OSHA) launched a COVID-19 website with information specifically for workers and employers.